U.K. Plans to Extend Movie Tax Breaks to TV, Games Industries
Chancellor of the Exchequer George Osborne is planning to extend tax breaks given to film makers in the U.K. to other creative industries, the Treasury said.
Animation companies and makers of television programs and computer games will be given reliefs similar to the 5 billion pounds ($7.8 billion) that movie makers already get. The Treasury will begin consulting the industries on June 18.
The tax breaks, which will be determined after the consultation, are intended to make the U.K. one of the most generous places for creative industries and attract program makers such as Home Box Office Inc., the Treasury said. Osborne said he wanted to help the industries in his March 21 budget.
A “high-end television tax relief” aims to support productions with budgets above 1 million pounds an hour so that shows such as Titanic, with a largely U.K. cast and writers, are produced locally rather than in countries such as Canada and Hungary.
Osborne will also seek to encourage video-games producers to build more blockbusters such as Square Enix Holdings Ltd. (9684)’s Tomb Raider. Animators will also be given a tax break to encourage franchises such as Aardman Animation’s Wallace & Gromit.
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